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Sovereign Wealth Funds Briefing - Archive | March, 2011

London is king of sovereign wealth funds

Posted on 31 March 2011 by VRS  |  Email |Print

London is in “pole position” to attract a growing share of sovereign wealth fund investment, according to a new report. Estimating that SWFs held assets worth a record $4.2tn (€2.98tn) under management in 2010, TheCityUK calculates that this figure could reach $5.5tn (€3.9tn) by the end of 2012 as the global recovery spurs increases in commodity demands.

It labels London in particular as an important centre for potential growth for sovereign wealth funds, arguing it is a location favoured both for clearing houses and for the managing of SWFs………………………………………Full Article: Source

Norway oil fund to keep investing in palm planters amid green criticism

Posted on 31 March 2011 by VRS  |  Email |Print

Runar MalkenesNorway’s $550 billion sovereign wealth fund will keep investing in Southeast Asian oil palm planters but may exclude firms that severely damage the environment, a Norwegian finance ministry official said, as green groups step up their campaign against the industry.

Environmentalists have broadened their campaign to involve investment funds holding shares in palm oil firms that fell rainforests to expand — a practice that pumps vast global warming gases into the atmosphere………………………………………Full Article: Source

Russia’s Medvedev says govt to quit sovereign investment fund in 7-8 years

Posted on 31 March 2011 by VRS  |  Email |Print

The Russian government should ditch its sovereign fund, which it is creating to lure foreign direct investment, in seven to eight years, President Dmitry Medvedev said on Wednesday.

“The state must not take part in the management of such a fund and must necessarily guarantee withdrawal from the company’s capital in about seven or eight years… The fund will be managed by a team of investment market professionals,” Medvedev said………………………………………Full Article: Source

UAE, China interested in Russian investment fund

Posted on 31 March 2011 by VRS  |  Email |Print

Middle Eastern and Chinese heavyweights are interested in investing in Russia via a new direct investment fund expected to be worth up to $10 billion and co-funded by Moscow, a top state banker said.

“We have had a fairly positive response from the biggest private investment funds and sovereign funds,” Vladimir Dmitriyev, head of state development bank VEB, told Russian President Dmitry Medvedev. “In particular from the Abu Dhabi fund, from the China Investment Corporation, from a number of private funds,” Dmitriyev said……………………………………..Full Article: Source

China’s wealth fund ready to boost LatAm investment

Posted on 31 March 2011 by VRS  |  Email |Print

China’s $300 billion sovereign wealth fund is prepared to invest more in resource-rich Latin America because it is confident in the region’s growth prospects, a senior official said on Wednesday.

Jin Liqun, chairman of the China Investment Corp. supervisory board , told an investor forum he had just returned from a trip to Brazil, Argentina and Chile and saw great potential for trade and investment………………………………………Full Article: Source

China’s CIC has earned 40 pct on U.S. real estate

Posted on 31 March 2011 by VRS  |  Email |Print

China’s sovereign wealth has earned a 40 percent return on investments made last year in U.S. commercial real estate, a senior official said on Wednesday.

Jin Liqun, chairman of the China Investment Corp. supervisory board, also said in an address at an investment forum in Beijing that the fund had no direct investments in Japan………………………………………Full Article: Source

Bangkok: State Oil Fund running low on cash

Posted on 31 March 2011 by VRS  |  Email |Print

The state Oil Fund will go into the red around the end of April if the government continues with its policy to subsidise the price of diesel price to keep it below 30 baht a litre, Energy Policy and Planning Office (EPPO) acting director-general Boonsong Kerdklang said on Wednesday.

Mr Boonsong said he will report to the National Energy Policy Committee, which will meet on April 20, that the Oil Fund will run out if the diesel subsidy policy continues after April………………………………………Full Article: Source

EU’s permanent fund won’t allay restructuring fear, Fitch says

Posted on 31 March 2011 by VRS  |  Email |Print

The permanent European rescue fund won’t allay investors’ concerns about peripheral nations’ debt restructuring and may not prevent sovereign downgrades in the short term, Fitch Ratings said.

“For so long as the ‘solvency’ of peripheral” countries is “in doubt, the introduction of the ESM from July 2013 as a senior creditor, combined with the political commitment to ensure private sector ‘burden-sharing,’ potentially heightens rather than diminishes market fears of a sovereign debt restructuring, including on currently outstanding debt,” Fitch wrote in a report today in London………………………………………Full Article: Source

Deadline approaching to apply for 2011 Alaska Permanent Fund Dividend

Posted on 31 March 2011 by VRS  |  Email |Print

Time is running out to apply for this year’s Permanent Fund Dividend. Alaskans have until 11:59 p.m. Thursday to sign up. They can apply online or visit a designated distribution center to pick up forms.

Last fall, Alaskans received checks of $1,281 when the 2010 dividend was paid. The money comes from investment profits from Alaska’s oil-wealth savings account………………………………………Full Article: Source

S.Korea signs MOU with Abu Dhabi wealth fund

Posted on 30 March 2011 by VRS  |  Email |Print

South Korea has agreed to team up with the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, for joint investments, a South Korean presidential committee said.

The alliance could pave the way for South Korea’s state-run funds such as National Pension Service (NPS) and Korea Investment Corp (KIC) to expand their presence in the global financial market……………………………………..Full Article: Source

S Korea, UAE to step up sovereign fund investment cooperation

Posted on 30 March 2011 by VRS  |  Email |Print

South Korea and the United Arab Emirates have agreed to closer cooperation to further the interests of their sovereign wealth funds, an official at Seoul’s presidential committee said Tuesday.

“Both nations agreed to step up efforts to support each other’s state-run funds to make better investments. For example, if the UAE wants to invest in East Asia and yet lacks information, Korea’s sovereign fund could help or jointly invest,” an official at the Presidential Council for Future & Vision said, adding that such cooperation is similar to that announced by Korea’s National Pension Service last year……………………………………..Full Article: Source

Abu Dhabi’s $718 bln sovereign wealth fund opens doors to S. Korea

Posted on 30 March 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA) - one of the world’s top five sovereign wealth funds based in Abu Dhabi, the United Arab Emirates (UAE) with total funds up to 800 trillion won ($718.0 billion) - will be using South Korean securities companies as its new trading window.

Additionally, talks are making headway for cooperation in semiconductor technology between the UAE, the world’s second largest system semiconductor manufacturer, and Korea, the world’s No. 1 producer of memory semiconductors……………………………………..Full Article: Source

China funds set to rise in Korea

Posted on 30 March 2011 by VRS  |  Email |Print

“Chinese capital is not following short-term market trends but is related to a decision by China Investment Corporation, the Chinese sovereign wealth fund, to designate a local asset management firm to operate a fund to solely invest in the Korean market,” Park So-yeon, an analyst at Korea Investment & Securities, said in a report.

Oh Seung-hoon, an analyst at Daishin Securities, said it was significant that CIC created a fund to solely invest in Korea. “It means they highly evaluate the Korean capital markets along with other major emerging markets in India and Brazil.”…………………………………….Full Article: Source

Infrastructure is the issue: UBS

Posted on 30 March 2011 by VRS  |  Email |Print

Australia should use the proceeds from its resource-rich economy to counter its infrastructure backlog instead of establishing a sovereign wealth fund. That’s the call from UBS Global Asset Management, which calculates Australia’s infrastructure deficit at about $250 billion.

UBS’s head of investment strategy, Mark Rider, and its chief executive, John Fraser, said Australia needed better co-ordination between federal and state governments, as well as superannuation funds, to overcome its two-speed economy……………………………………..Full Article: Source

Norway to spend less than 4pct rule over next years, Johnsen says

Posted on 30 March 2011 by VRS  |  Email |Print

Norway’s government should spend less than 4 percent of the nation’s sovereign wealth fund in the next few years, as it takes into account the country’s economic expansion, the finance minister said.

The government will return to the fiscal spending rule this year, Sigbjoern Johnsen wrote today in an article published in Aftenposten……………………………………..Full Article: Source

Nigeria: Still on the sovereign wealth fund

Posted on 30 March 2011 by VRS  |  Email |Print

Rivers State Gov. Rotimi Amaechi both surprised and shocked many people penultimate Friday with his disclosure that his administration was on the verge of going to court against the Federal Government over the Sovereign Wealth Fund (SWF).
While disclosing that the Rivers State Government has started setting aside N1billion monthly for an Independent Power Plant, the governor ‘advised’ the Federal Government to emulate his programme by equally saving from its 52 percent of the Federation Account………………………………………Full Article: Source

Sovereign wealth funds return

Posted on 30 March 2011 by VRS  |  Email |Print

Sovereign wealth funds have returned to real estate, but it is hard to tell just how deeply they are diving in, because most transactions have been done through equity funds or other financing vehicles, and not by highly visible, direct acquisitions. “SWFs have gotten smarter,” said Hans Nordby, director of advisory services for CoStar Group.
“They are working through funds and keeping their name out of the newspapers. Look for even more of this money in 2011, although it may be hard to see.”…………………………………….Full Article: Source

Sovereign fund assets near US$4t

Posted on 29 March 2011 by VRS  |  Email |Print

Assets managed by sovereign wealth funds around the world rose 11 per cent to reach US$3.98 trillion (US$1 = RM3.03) at the start of 2011, alternative assets research provider Preqin said.

The proportion of state-backed funds investing in alternative assets is likely to rise further this year as they pursue higher returns and seek greater diversity, Preqin said in a release. “Following global economic stabilisation, many sovereign wealth funds that had delayed plans to diversify their holdings as a result of the economic downturn have now resumed these plans,” it observed…………………………………….Full Article: Source

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Temasek taps IBM executive for Thaicom’s CEO post

Posted on 29 March 2011 by VRS  |  Email |Print

Temasek Holdings has approached Supajee Suthampan, general manager of Global Technology Services at IBM Asean, to become Thaicom’s CEO, replacing Arak Cholatanon, whose term ends in June.

A source close to Shin Corp shareholders said Singapore’s investment arm needs a person with a neutral image to lead Thaicom, as part of Temasek’s effort to shake off the public perception that Thaicom is associated with politics…………………………………….Full Article: Source

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Singapore land transport operator SMRT’s CFO resigns

Posted on 29 March 2011 by VRS  |  Email |Print

Singapore subway, bus and taxi operator SMRT said on Monday that chief financial officer Lim Cheng Cheng has resigned to pursue her own personal interests. The company, in which Singapore state investor Temasek Holdings has a 54 percent stake, said there was no difference in opinion on material matters between Lim and the board of directors.
Lim’s last day will be April 30, SMRT said in a filing to the Singapore Exchange…………………………………….Full Article: Source

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Temasek writes to the Aussie media …

Posted on 29 March 2011 by VRS  |  Email |Print

Temasek Holdings has written to the Australian media to reiterate that it does not control the Singapore Exchange (SGX). The letter was in response to a number of articles in the Australian media inaccurately reporting Temasek’s role vis-a-vis the Singapore bourse.

In its letter - dated March 23 - Temasek said it plays no part in the governance, operation or investment decisions of the Exchange. It did, however, acknowledge that it is a non-voting trustee of SEL Holdings - which Temasek described as “a special purpose entity which holds a 23.5 per cent stake in SGX”……………………………………..Full Article: Source

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Malaysia state investor shortlists 3 firms for Pos stake

Posted on 29 March 2011 by VRS  |  Email |Print

Malaysia’s Khazanah Nasional has shortlisted three local firms to buy its 32.2 percent stake in Pos Malaysia Bhd , the Business Times reported on Tuesday, as the state investor seeks to divest its non-core assets.

Khazanah has shortlisted DRB-HICOM , Nationwide Express Courier Services Bhd and a joint-venture between Amanah Reit and Malaysia Pacific Corp , the newspaper reported, citing sources familiar with the bidding process for the national postal firm……………………………………..Full Article: Source

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How to value China’s reserves

Posted on 29 March 2011 by VRS  |  Email |Print

One of the arguments put forward for resisting the revaluation of the Chinese yuan is that China will “lose value” on its large foreign-exchange reserves, held mainly in U.S. dollars but also in sundry other currencies. If China’s exchange rate is moved, for example, by 10% from 6.6 yuan per dollar to 6.0 yuan per dollar, the yuan value of China’s reserves will fall by 10%, thus reducing China’s wealth.

This argument is arithmetically correct, but economically incorrect. China’s wealth will not decline with revaluation of its currency…………………………………….Full Article: Source

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Zimbabwe mining firms given deadline to comply with indigenization law

Posted on 29 March 2011 by VRS  |  Email |Print

Companies with mining operations in Zimbabwe have been given six months to comply with indigenization regulations providing for the transfer of majority control to sovereign wealth funds or other state-controlled entities in the name of black empowerment.

A new Indigenization Ministry notice published in the official gazette sets the minimum holding by indigenous investors as a controlling 51 percent stake. There had been some discussion of a lower indigenous stakeholding benchmark for the mining sector……………………………………..Full Article: Source

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UAE firms likely to benefit from green initiatives

Posted on 29 March 2011 by VRS  |  Email |Print

Abu Dhabi’s Masdar City, a subsidiary of the government-owned Mubadala Development Company, aims to address the issues of climate change and energy security by creating an international hub for sustainable technologies and renewable energy.

Dr Afshin Afshari, Head of Energy Management at Masdar City, said there had been to be consumer acceptance of new technologies that are being developed to combat the threat of climate change……………………………………..Full Article: Source

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Some lesser known Permanent Fund Dividend history

Posted on 29 March 2011 by VRS  |  Email |Print

As Alaskans face the March 31 deadline for applying for the 2011 Permanent Fund Dividend (PFD), I thought it might be useful to present some history linked to the PFD that is not contained in Alaska’s history books.

The concept of the PFD was created by Gov. Jay Hammond. He had floated various versions of the PFD concept during his first term of office, but it wasn’t until his second term — when Prudhoe Bay oil began to flow down the TAPS pipeline, and millions of dollars from oil production began to cascade into the state treasury — that the PFD program became a reality…………………………………….Full Article: Source

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Sovereign wealth sounds fine in theory …

Posted on 28 March 2011 by VRS  |  Email |Print

Warwick MckibbinThere is a lot of talk about Australia establishing a sovereign wealth fund. Other resource-rich countries have established them. One of the best known is Norway, but according to the International Monetary Fund, over 20 countries have such funds; and over half of the total assets in these funds are held by countries which are significant oil and gas exporters.

Several business leaders – including the Commonwealth Bank’s Ralph Norris, the ANZ Bank’s Mike Smith and Tabcorp’s Elmer Funke Kupper – have called for Australia to establish a sovereign wealth fund. The reason most commonly cited: we should put away some of the proceeds of the resources boom for a rainy day…………………………………….Full Article: Source

Barnett considers sovereign wealth fund

Posted on 28 March 2011 by VRS  |  Email |Print

Colin BarnettWest Australian Premier Colin Barnett says the state is considering introducing a Norway-style sovereign wealth fund so future generations can benefit from its buoyant resources sector.Barnett was responding to a question from a mining executive at a WA Mining Club briefing in Perth on Friday.

“The West Australian government is looking at setting up a state wealth fund so that we would potentially put some share of royalty income or some share of budget surpluses into a fund for the future,” Mr Barnett said…………………………………….Full Article: Source

China’s CIC aims to invest in Canadian resources

Posted on 28 March 2011 by VRS  |  Email |Print

China Investment Corp. is looking to invest in Canadian resource, infrastructure and real estate companies, the Globe and Mail reported, citing the director of the Beijing-based sovereign wealth fund’s Canadian office.

China Investment seeks minority stakes in such companies, not controlling investments, Felix Chee said in an interview…………………………………….Full Article: Source

Norway fund plans to invest in smaller Spanish banks

Posted on 28 March 2011 by VRS  |  Email |Print

Norway’s $544-billion sovereign wealth fund is planning to invest in Spanish companies, including smaller banks, a Norwegian central bank spokesman said on Saturday, but she declined to say how much it would invest.

“We are planning to invest in Spanish companies including smaller Spanish banks,” the spokesman told Reuters on Saturday…………………………………….Full Article: Source

Norges Bank remains committed to European bailout fund

Posted on 28 March 2011 by VRS  |  Email |Print

Dag Dyrdal, Chief Strategic Relations Officer at Norges Bank Investment Management (NBIM), which manages Norway’s Government Pension Fund Global, says that the fund will continue to play an active role in Europe’s bailout fund and sees opportunity in Asian markets as well as real estate.
In 2010, Norway’s Government Pension Fund Global, the world’s second-largest sovereign-wealth fund valued at $548 billion at the end of last year, started investing in real estate to improve the real return of the fund…………………………………….Full Article: Source

Spain’s banks struggle to attract funds

Posted on 28 March 2011 by VRS  |  Email |Print

Spain’s savings banks are struggling to attract private capital ahead of Monday’s deadline to present plans to the Bank of Spain detailing how they will boost capital reserves in line with tough new minimum levels.

The only private investors to have offered to invest in the regional savings banks, or “cajas,” have been sovereign wealth funds from Qatar and Abu Dhabi. Norway’s central bank said over the weekend it was looking to invest in smaller Spanish banks……………………………………Full Article: Source

Hunting down Gaddafi money no easy task - Austria

Posted on 28 March 2011 by VRS  |  Email |Print

The Austrian probe has centred on Mustafa Zarti, the former vice-chief of the country’s sovereign wealth fund. Vienna authorities have said Zarti, an Austrian citizen, was a close confidant of the Libyan regime.

Zarti has dismissed this although he admits to knowing Gaddafi’s son Saif al-Islam, who studied in Vienna…………………………………….Full Article: Source

Nigeria: The sovereign wealth funds, quest for effective infrastructure funding mechanisms in Nigeria

Posted on 28 March 2011 by VRS  |  Email |Print

For countries such as Nigeria dependent on natural resources as dominant sources of earning foreign currencies, Sovereign Wealth Funds, represent meaningful economic avenues to diversity their economies.

In other words, the ability to put the incomes earned through natural resources such as crude oil into other viable income earning mechanisms, represent conscious attempts at deriving income from such avenues…………………………………….Full Article: Source

Invest AD asset mgt arm buying Egypt stocks

Posted on 28 March 2011 by VRS  |  Email |Print

Abu Dhabi-owned Invest AD’s asset management arm has been buying Egyptian stocks this week as the stock exchange reopened after seven weeks and stock prices reached attractive levels, the firm’s CIO said. Invest AD also invests for its owner, sovereign wealth fund Abu Dhabi Investment Council.

“We reduced our position in Egypt to 14 percent from 25 percent when the Tunisian revolution broke out and before the Egyptian market closed,” David Sanders told Reuters on the sidelines of a Thomson Reuters Africa investment conference…………………………………….Full Article: Source

KKR received request from SEC in sovereign wealth fund probe

Posted on 25 March 2011 by VRS  |  Email |Print

KKR & Co., the private-equity firm founded by Henry R. Kravis and George R. Roberts, said it has received a request from U.S. regulators for information about the company’s dealings with sovereign wealth funds.
KKR received the Securities and Exchange Commission request in January and is cooperating with the agency’s investigation, the New York-based firm said in a March 7 regulatory filing. The SEC sought information regarding “investors and clients that are sovereign wealth funds and certain services provided by KKR,” according to the filing……………………………………….Full Article: Source

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Future Fund’s Telstra stake below 5pct, and it’s still selling

Posted on 25 March 2011 by VRS  |  Email |Print

The Future Fund is expected to persist with its policy of selling down its Telstra stake after its holding finally dipped below 5 per cent yesterday, ending its status as a substantial shareholder five years after it inherited a $9 billion parcel from the federal government.
The fund yesterday advised it held just 4.99 per cent of the nation’s largest telco, having sold down from 5.75 per cent a month ago……………………………………….Full Article: Source

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Telstra index weighting to rise after sovereign fund trims stake

Posted on 25 March 2011 by VRS  |  Email |Print

Australia’s sovereign wealth fund has trimmed its stake in Telstra Corp to less than 5 percent, which will trigger an increase in the nation’s top phone company’s weighting in the benchmark S&P/ASX 200 index in June.
The $71 billion Future Fund said on Thursday it had sold down its holding on the market to 4.99 percent……………………………………….Full Article: Source

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Khazanah fund picks up 8.8pct in Apollo Hospitals

Posted on 25 March 2011 by VRS  |  Email |Print

Integrated Healthcare Holdings, a fund managed by Singapore’s sovereign wealth fund Khazanah, has picked up an 8.82% stake in Chennai-based Apollo Hospitals Enterprises in an off-market deal.
According to market sources, the Khazanah fund has bought the stake in the corporate hospital chain from its sister fund Bisikan Bayu Investments. Though the consideration paid by Integrated Healthcare Holdings was not immediately known, analysts put the deal size at around the R500 crore……………………………………….Full Article: Source

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CIC: Japanese investment losses far less than reports

Posted on 25 March 2011 by VRS  |  Email |Print

China Investment Corporation Deputy General Manager Wang Jianxi said Wednesday that CIC’s investment and losses in Japanese companies have been largely exaggerated by the media and are far less than reported figures.
Earlier this month, the 21st Century Business Herald carried reports saying CIC suffered huge losses from its 522.2-billion-yen (about 40.4 billion yuan) investment in 10 major Japanese companies. The newspaper also said the sovereign wealth fund had invested 35.9 billion yen (about 2.935 billion yuan) in Tokyo Electric Power Co., whose share prices dropped about 40 percent after Japan’s earthquake……………………………………….Full Article: Source

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Norway’s sovereign wealth risk vortex

Posted on 25 March 2011 by VRS  |  Email |Print

What does Norway get out of its Oil Fund, if not More Strategic Infrastructure Investment? For the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its oil-export receipts – which are in foreign currency – in the Oil Fund, to invest mainly in European and U.S. stocks and bonds.
The fund now exceeds $500+ billion, second in the world to that of Abu Dhabi……………………………………….Full Article: Source

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Norway ups Burma oil investments

Posted on 25 March 2011 by VRS  |  Email |Print

The state-owned investment body, the Norwegian Pension Fund, holds shares in 15 energy companies in Burma, a position that the campaign group Norwegian Burma Committee this week criticised as “double morale”.
The Fund, which was founded on the country’s North Sea oil wealth, was the focus of a damming report in December last year by EarthRights International (ERI), who accused it of “contributing to grave unethical actions in Burma” through its investments……………………………………….Full Article: Source

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Mubadala posts comprehensive loss of $86 mln for 2010

Posted on 25 March 2011 by VRS  |  Email |Print

Mubadala Development Co., an Abu Dhabi government-owned investor with stakes in Carlyle Group and General Electric Co. (GE), posted a comprehensive loss of 315 million dirhams ($85.8 million) for 2010, because of declines in “mark- to-market” investments.
The loss followed a comprehensive profit of 9 billion dirhams in 2009, according to an e-mailed statement………………………………………Full Article: Source

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Mubadala strategy pays dividends

Posted on 25 March 2011 by VRS  |  Email |Print

Mubadala Development has experienced a huge shift in its revenue mix in the past three years as it reduces reliance on energy. Mubadala, a strategic investment company owned by the Abu Dhabi Government, yesterday reported a 22 per cent rise in revenues last year to Dh16 billion (US$4.35bn), due largely to the maturation of a range of non-hydrocarbon businesses it played a critical role in starting.
Those companies include Emirates Aluminum (Emal), an aluminium maker it built in partnership with Dubai’s Dubal……………………………………….Full Article: Source

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Kuwait property boosted by $3.6bln

Posted on 25 March 2011 by VRS  |  Email |Print

A sizeable cash injection into Kuwait’s property sector from Kuwait Investment Authority (KIA) will provide a boost to shares in the country’s biggest developers. KIA will pump US$3.6 billion into the local commercial property market as the Gulf state’s sovereign wealth fund looks to benefit from plunging prices.
It is also an attempt to bolster the struggling sector, which has faced similar restructuring issues to Dubai’s market……………………………………….Full Article: Source

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NJ Pensions enjoy 15pct gains; higher alt allocations

Posted on 25 March 2011 by VRS  |  Email |Print

Alternatives have enjoyed heightened popularity among institutional investors. According to a recent report by Preqin, sovereign wealth fund assets have swelled 11% in the past 12 months to about $4 trillion, fueled largely by intensified alternative investment programs.
“Following global economic stabilization, many sovereign wealth funds that had delayed plans to diversify their holdings as a result of the economic downturn have now resumed these plans,” Sam Meakin, Managing Editor of the 2011 Preqin Sovereign Wealth Fund Review, said in a release……………………………………….Full Article: Source

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For Japan, a SWF may suit its reconstruction needs

Posted on 24 March 2011 by VRS  |  Email |Print

Yukio EdanoIn the past, Japan has shied away from putting some of its $1 trillion-plus foreign reserves into a sovereign wealth fund. Its devastating earthquake and tsunami may prove a turning point in the debate as such a fund would help meet huge reconstruction costs.
Japan will need multiple approaches to fund reconstruction, which might cost as much as $300 billion. Having a sovereign wealth fund (SWF) that makes long-term investments in the country’s battered northeast coast would give Japan another tool for the job……………………………………….Full Article: Source

KIA to invest $3.6bln in property

Posted on 24 March 2011 by VRS  |  Email |Print

Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, said it will launch a real estate portfolio worth 1 billion dinars ($3.6 billion) to invest in the local market.
“The real estate portfolio aims to achieve good returns on mid-term and long-term, and will benefit from the steep plunge in real estate,” KIA said in a statement on Wednesday on the state news agency KUNA……………………………………….Full Article: Source

Qatar Holding raises Hochtief stake, complicating ACS plan

Posted on 24 March 2011 by VRS  |  Email |Print

Actividades de Construccion y Servicios SA’s prospects of taking control of Hochtief AG Wednesday suffered a blow as Qatar Holding LLC raised its shareholding and the German construction company reported better-than-expected earnings, making its shares even more attractive to investors.
Qatar Holding, an investment vehicle of the state-run Qatar Investment Authority, raised its stake in Hochtief to above 10% from 9.1%, reducing the free float that Spain’s ACS is targeting……………………………………….Full Article: Source

Gaddafi regime clan has GBP4bln in gold reserves, says IMF

Posted on 24 March 2011 by VRS  |  Email |Print

The Gaddafi regime is sitting on gold reserves of more than $6.5bn (£4bn) which could potentially provide the funds to pay a mercenary army to continue fighting for months.
International Monetary Fund figures show that Libya holds about 143.8 tonnes of gold, putting it into the top 25 nations in terms of reserves held……………………………………….Full Article: Source

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